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A diagnostic framework for assessing public investment management

Author

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  • Rajaram, Anand
  • Le, Tuan Minh
  • Biletska, Nataliya
  • Brumby, Jim

Abstract

This paper provides a pragmatic and objective diagnostic approach to the assessment of public investment management systems for governments. Since weaknesses in public investment management can negate the core argument that additional fiscal space allocated to public investments could enhance future economic prospects, attention to the processes that govern public investment selection and management is critical. The paper begins with a description of eight key"must-have"features of a well-functioning public investment system: (1) investment guidance, project development, and preliminary screening; (2) formal project appraisal; (3) independent review of appraisal; (4) project selection and budgeting; (5) project implementation; (6) project adjustment; (7) facility operation; and (8) project evaluation. The emphasis is placed on the basic processes and controls (linked at appropriate stages to broader budget processes) that are likely to yield the greatest assurance of efficiency in public investment decisions. The approach does not seek to identify best practice, but rather to identify the"must have"institutional features that would address major risks and provide an effective systemic process for managing public investments. The authors also develop a diagnostic framework to assess the main stages of the public investment management cycle. In principle, the identification of core weaknesses will allow reforms to focus scarce managerial and technical resources where they will yield the greatest impact. In addition, the framework is intended to motivate governments to undertake periodic self-assessments of their public investment systems and design reforms to enhance the productivity of public investment.

Suggested Citation

  • Rajaram, Anand & Le, Tuan Minh & Biletska, Nataliya & Brumby, Jim, 2010. "A diagnostic framework for assessing public investment management," Policy Research Working Paper Series 5397, The World Bank.
  • Handle: RePEc:wbk:wbrwps:5397
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    Citations

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    Cited by:

    1. Anna Peta, 2017. "Public works procurement in the new code: a legal and economic assessment of the main measures," Questioni di Economia e Finanza (Occasional Papers) 400, Bank of Italy, Economic Research and International Relations Area.
    2. World Bank, 2011. "United Republic of Tanzania - Public Expenditure Review 2010," World Bank Other Operational Studies 2789, The World Bank.
    3. Kose,Ayhan & Ohnsorge,Franziska Lieselotte & Ye,Lei Sandy & Islamaj,Ergys, 2017. "Weakness in investment growth : causes, implications and policy responses," Policy Research Working Paper Series 7990, The World Bank.
    4. Santamaría, Marta & Azqueta, Diego, 2015. "Promoting biofuels use in Spain: A cost-benefit analysis," Renewable and Sustainable Energy Reviews, Elsevier, vol. 50(C), pages 1415-1424.
    5. World Bank, 2010. "Uganda - Strengthening the Effectiveness of the Public Investment Program : Public Expenditure Review," World Bank Other Operational Studies 12331, The World Bank.
    6. World Bank, 2013. "Malaysia Economic Monitor, June 2013," World Bank Other Operational Studies 16529, The World Bank.
    7. Mostafa Amir, Sabbih, 2017. "An Assessment of the Efficacy of Delivering the Annual Development Program in Bangladesh," MPRA Paper 84668, University Library of Munich, Germany.
    8. Mike Muller & Horacio Zandamela, 2016. "Can integrated infrastructure investment plans contribute to more effective public spending? The case of Mozambique," WIDER Working Paper Series 162, World Institute for Development Economic Research (UNU-WIDER).
    9. World Bank, 2012. "Lesotho Public Investment Management Efficiency Review," World Bank Other Operational Studies 26837, The World Bank.
    10. World Bank Group, 2017. "Global Economic Prospects, January 2017," World Bank Publications, The World Bank, number 25823, April.
    11. repec:wbk:wboper:22580 is not listed on IDEAS
    12. Martin Raiser & Roland Clarke & Paul Procee & Cecilia Briceno-Garmendia & Edith Kikoni & Joseph Kizito & Lorena Vinuela, 2017. "Back to Planning," World Bank Other Operational Studies 28286, The World Bank.
    13. Cem Dener & Joanna Alexandra Watkins & William Leslie Dorotinsky, 2011. "Financial Management Information Systems : 25 Years of World Bank Experience on What Works and What Doesn't," World Bank Publications, The World Bank, number 2297, April.

    More about this item

    Keywords

    Investment and Investment Climate; Debt Markets; Public Sector Expenditure Policy; Housing&Human Habitats; Bankruptcy and Resolution of Financial Distress;

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